Open research questions in Global Financial Crisis and Policies
58 unresolved questions extracted from the limitations and future-work sections of 3,943 Global Financial Crisis and Policies papers in our library. Each links back to the study that raised it.
What the literature leaves open
From a strategic perspective, it is found that hedge ratio-based approaches are insufficient for reducing risk, especially during periods of heightened market stress, and can even increase portfolio variance by producing negative HE values.
Connectedness and portfolio applications across asset classes: evidence from Türkiye under high inflation, exchange rate volatility, and macroeconomic fragility · 2026 · DOIFinancial stress measurement frameworks for emerging markets lack standardized comparison of aggregation methodologies (equal weighting, PCA, portfolio theory) across different emerging economies and stress episodes, limiting the generalizability of early-warning indicators for macroprudential policy.
Measuring Systemic Stress in Emerging Markets: Socioeconomic Challenges for Financial and Real Sectors · 2025 · DOIFrom the theoretical side, it means that Legal Origin matters for CBI, especially after comprehensive reforms of monetary institutions, yet the channels of its influence on central banks should be investigated further.
Based on Hungarian experience, there are significant, strong limitations on reducing the interest rate paid on the minimum reserve: given the overall interest rate environment, such a move may reduce central bank interest expenses as a technical consequence, but this may be limited by the fact that the change may have unintended consequences for the general financial market environment and foreign currency availability.
Challenges of Reducing Interest Expenses on the Minimum Reserve in Small Open Economies : The Case of Hungary · 2024 · DOIAs highlighted by Pop & Georgescu (2024), the Romanian academic literature concerning municipal bonds is sparse, while the investigations regarding the factors that can influence the sub-sovereign bond trading at Bucharest Stock Exchange is quasi non-existent, to the best of authors’ knowledge.
Understanding the relationship between EPU and corporate bond yields enables investors to optimize their investment decisions in emerging market economies, opens the scope for further research on the interaction between EPU and volatility and other attributes of fixed income markets.
The interplay between economic policy uncertainty and corporate bond yield in emerging Asian markets · 2024 · DOIIn conclusion, while the analysis presented in this study represents a step forward in unraveling the complexities of the relationship between ECB QE programs and asset prices, further research is warranted to address the methodological limitations and refine our understanding of this crucial aspect of monetary policy transmission mechanisms.
The findings suggest that while LCBMs offer some benefits, such as mitigating risks associated with foreign currency debt, their potential is limited by the structural processes created by IFS, such as their dependence on the global financial cycle, the relatively higher costs of this debt and the sustained constraint on macroeconomic policy making.
We conduct a Two-Stage-Least-Squares estimation (2SLS) and the Limited Information Maximum Likelihood (LIML) estimation where the urban distance serves as a source of exogenous variation in leader's trips.
Implications /recommendations – The analysis of the significance of international currencies used as a safe haven in times of financial and economic crises, presented in the article, shows the importance of the problem and implies the need to undertake further research into this issue in the context of the benefits of using safe haven currencies by investors operating in the global economy.
Second, networks oriented around US dollar clearing banks and offshore advisers should be studied closely given the power that comes from their gatekeeper roles.
Global networks on the way up and the way down: lessons from the rise and fall of the Seychelles as an offshore financial centre · 2020 · DOIThe worst case scenario: the break-up of the Single currency would not remain limited to the EMU itself, but would cause huge macroeconomic disruptions.
Influence of the Euro Crisis on the Prospects of the European Single Market · 2015Sebastian had been stunned when he came across a little known fact--namely, that it was illegal for Americans, in the land of the free, to own gold from 1933 to 1974, under penalty of large fines or even prison.
The Role of Gold in a Market-Based Monetary System · 2015The finance-growth nexus in emerging markets remains incompletely characterized regarding the direction and strength of causality under information asymmetry; existing panel VECM analyses cover only five Asian emerging markets, leaving unexplored whether findings generalize to other emerging regions or hold under different financial development stages.
Asymmetry of Information and the Finance-Growth Nexus in Emerging Markets: Empirical Evidence Using Panel VECM Analysis · 2012 · DOIIn this article we seek to bridge the gap in understanding, perspective, and practice between the two fields by investigating actual and potential linkages in respect of four specific features of global finance – two financial products: bonds and derivatives; and two financial processes: risk management and procyclicality.
3 All such finance was sourced in the Exchange Stabilization Fund (ESF), established in 1934 and since then often described by newspapers as "little known.
Exchange Stabilization Fund Loans to Sovereign Borrowers: 1982-2010 · 2010Analyses of central bank independence (CBI) have generated two sets of apparently contradictory results - CBI appears to be both inversely related to inflation and positively related to the rise in unemployment and slowdown in economic growth during disinflations.
economy? And perhaps even more surprising--why are countries with low levels of investment willing to send this relatively scarce resource to a capital-abundant economy instead of investing in their own countries? Understanding the motivation behind the millions of individual decisions that drive these capital inflows is critically important to understanding if this massive net transfer of capital into the United States reflects a strength or weakness of the global economy.
GLOBAL IMBALANCES :A S OURCE OF STRENGTH OR WEAKNESS? · 2007While these debates have thrown important light on what needs to be done in terms of improving the transnational debt architecture, few studies have actually attempted to evaluate critically the manner in which transnational debt has been managed since the outset of the Bretton Woods system in 1944.
The Transnational Debt Architecture and Emerging Markets: the politics of paradoxes and punishment · 2005 · DOIHow do weaknesses in the domestic banking sector, when combined with both domestic and international financial liberalisation, engender currency crises? What is lacking in the literature is a simple conceptual framework within which these connections can be conceptualised and drawn out and in which the role of banks is explicitly discussed.
Overall, the results highlight the contingent nature of monetary transmission channels, emphasizing the need for further research into the interplay between conventional and unconventional policies and the factors that disturb transmission during crises.
ECB’s monetary policy: does the conventional monetary transmission mechanism still work in crisis situations? · 2026 · DOIIf cross-border access is highly open, interoperability is extensive, holding constraints are weak, and regulatory embedding is insufficient, CBDCs may more easily become channels for rapid capital relocation and stronger currency substitution.
The Impact of Global Central Bank Digital Currency Policies on Cross-Border Capital Flows · 2026 · DOIMonetary expansion was limited to the size of the country’s foreign reserves and gold holdings, and fiscal policy was constrained to be consistent with these restrictions.
Due to the limited number of observations, this study is limited to analyzing the long-term correlations between the factors that characterize financial liberalization and export progress in the context of Kosovo.
Abstract Although the financialisation research agenda has developed rapidly, especially since the Great Recession, there are still some gaps in the literature regarding Emerging Capitalist Countries’ (ECCs) financialisation experiences.
Most-cited papers in Global Financial Crisis and Policies
- U.S. Monetary Policy and the Global Financial Cycle · The Review of Economic Studies · 2020 · 874 citations
- Is Bitcoin Really Untethered? · The Journal of Finance · 2020 · 494 citations
- Time and frequency domain connectedness and spill-over among fintech, green bonds and cryptocurrencies in the age of the fourth industrial revolution · Technological Forecasting and Social Change · 2020 · 343 citations
- Banking, Trade, and the Making of a Dominant Currency · The Quarterly Journal of Economics · 2020 · 205 citations
- Bitcoin: A safe haven asset and a winner amid political and economic uncertainties in the US? · Technological Forecasting and Social Change · 2021 · 181 citations
- The Effects of Central Bank Digital Currencies News on Financial Markets · Technological Forecasting and Social Change · 2022 · 159 citations
- Risk Appetite and the Risk-Taking Channel of Monetary Policy · The Journal of Economic Perspectives · 2023 · 138 citations
- China’s Model of Managing the Financial System · The Review of Economic Studies · 2021 · 134 citations
- A Bretton Woods moment? The 2007-2008 crisis and the future of global finance · International Affairs · 2010 · 117 citations
- Financial Integration, Investment, and Economic Growth: Evidence from Two Eras of Financial Globalization · The Review of Economics and Statistics · 2010 · 112 citations
Most recent work
- USD hegemony, bitcoin, Central Bank Digital Currency and the geopolitics of money · Journal of Post Keynesian Economics · 2026
- Sovereign debt pricing with shifting long-run growth expectations · European Economic Review · 2026
- Inflation targeting and financial stability: a cross-country comparison of emerging and developed economies · Journal of Economic Studies · 2026
- Money Beyond Borders: Global Currencies From Croesus to Crypto, by BarryEichengreen (Princeton University Press, Princeton, NJ, 2026), pp. 344 · Economic Record · 2026
- Connectedness and portfolio applications across asset classes: evidence from Türkiye under high inflation, exchange rate volatility, and macroeconomic fragility · Quality & Quantity · 2026
- Capital Mobility in the APEC Region: A Consumption-Based Approach and New Empirical Evidence · Economies · 2026
- Export specialization, foreign currency debt, and resilience during crises · Emerging Markets Review · 2026
- The Fed Funds Risk-Premium After the Silicon Valley Bank Run and the Bank Term Funding Program (BTFP) · Public Finance and Management · 2026
- The impact of inflation, exports, and corruption perception on the movement of the Chinese Yuan Exchange Rate in selected ASEAN countries in the short and long run · Priviet Social Sciences Journal · 2026
- Renminbi import invoicing and dollar-related external vulnerability · Applied Economics Letters · 2026
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